Global Oncolytic Virus Therapy Market Research Report: Forecast (2022-2027)

Oncolytic Viruses (OVs) are genetically engineered or naturally occurring viruses that selectively target & kill cancer cells without harming the normal tissues. This therapy is a new therapeutic procedure to treat cancer patients and has presented promising outcomes worldwide.

According to MarkNtel Advisors, the Global Oncolytic Virus Therapy Market is projected to grow at a CAGR of around 20.3% during the forecast period i.e. 2022-27. The market is driven primarily by the mounting prevalence of cancer worldwide and the surging number of clinical trials & R&D investments for cancer therapies.

Moreover, the burgeoning focus of the governments in both developed & emerging countries on reducing mortality & morbidity rates by conducting various awareness campaigns toward encouraging people to opt for early diagnosis has increased the patient pool of oncolytic virus therapies. Hence, in the coming years, the global market is projected to significantly grow and create lucrative growth opportunities for the leading players in the market.

Impact of Covid-19 on the Global Oncolytic Virus Therapy Market

• The Covid-19 pandemic in 2020 brought the entire healthcare sector under extensive pressure.
• It made many nations realize that their healthcare infrastructure wasn't prepared or sufficient enough to handle such a large influx of very sick Covid-19 patients.
• Overcrowded emergency rooms, which were initially feared, turned into reality across many communities.
• However, the mounting need for an effective vaccine against the coronavirus and continued R&D on using Oncolytic Virus therapies to fight the Covid-19 infection helped the market remain steady amidst the crisis.

Market Segmentation

Based on Application, the Global Oncolytic Virus Therapy Market segments into:

• Solid Tumor
  • Breast Cancer
  • Prostate Cancer
  • Lung Cancer
  • Glioblastoma/Glioblastoma Multiforme
• Melanoma
• Hematological Malignancies

Of them all, Melanoma is anticipated to dominate the Global Oncolytic Virus Therapy Market in the coming years. It owes to the increasing cases of this skin cancer among people arising from melanocytes. The early-stage lesions might be curative through complete surgical excision, yet the metastatic melanoma remains therapeutically challenging.

Oncolytic Virus Therapy uses the native or attenuated live viruses to selectively eliminate the melanoma cells & induce systemic tumor-specific immune responses. The treatment for Melanoma has evolved rapidly in recent years and has used intratumoral injections. The first FDA-approved oncolytic virus therapy was in 2015, called Talimogene Laherparepvec (T-VEC). This virus displays improvements in patients with a durable response rate with advanced Melanoma.

On the other hand, Oncolytic Virus Therapy for Breast Cancer is expected to display promising outcomes in the coming years. Breast cancer is the second most common cause of death from cancer in the United States after lung cancer. According to the American Society of Clinical Oncology (ASCO), currently, there are more than 3.8 million women diagnosed with breast cancer in the US. 

Current treatments to cure metastatic breast cancer are insufficient and often incur severe side effects that worsen patients’ life quality. Hence, the need for oncolytic viruses as immunotherapeutics & their rational combination with other therapeutic approaches for the optimal treatment of breast cancer is rising rapidly, states MarkNtel Advisors in their research report, “Global Oncolytic Virus Therapy Market Analysis, 2021.”

Regional Landscape

Based on the Geography, the Global Oncolytic Virus Therapy Market expands across:

• North America
• South America
• Europe
• Asia-Pacific
• Middle East & Africa

Of them all, North America is projected to attain the largest market share during 2022-27, mainly due to its extensive & superior healthcare infrastructure, coupled with improvised reimbursement policies across various countries. Additionally, the well-established research environment for biotechnologies in the region also significantly contributes to the overall market growth. Besides, the presence of the leading healthcare providers, especially in countries like the US & Canada, coupled with their active participation in the R&D of cancer therapy through massive investments, are other crucial aspects expected to drive the regional market in the coming years.

Recently, Amgen Inc. has received approval from the US Food & Drug Administration (FDA) for a Biologics License Application for IMLYGIC (T-Vec) Therapy. It is principally for the local treatment of unresectable cutaneous, subcutaneous and nodal lesions in patients with melanoma that is recurrent after the initial surgery.

Market Dynamics:

Key Drivers

• Increasing technological advancements in cancer treatments & the development of new therapies
• Growing adoption of advanced therapeutic options & rising cancer cases
• Research & Development initiatives & investments by healthcare providers

Possible Restraints

• High costs of OV therapy imposing financial burden for low & middle-income cancer patients
• Challenges in the research & development of safe & effective therapies
• Limited availability of drugs

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Oncolytic Virus Therapy Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Oncolytic Virus Therapy Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Oncolytic Virus Therapy Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Oncolytic Virus Therapy Market study?